19 November 2012

Kenya: Rennaisance Group Splits Key Units

Renaissance Group has split its asset management unit from investment banking arm. The group seperated its operations from its investment banking division following an announcement by Renaissance Group and Onexim Group of the sale of Renaissance Capital and Renaissance Credit in Russia, to Onexim.

The separation of the business units under the Renaissance Group umbrella leaves the Renaissance Group to focus on asset management, African urban developments, consumer finance in Africa, and Russian real estate funds.

Chief executive Stephen Jennings will remains at the helm of the firm, which now comprises Renaissance Asset Managers, and Asset Management Company.

Others include Rendeavour engaged in development in develop African cities, Renaissance Credit Nigeria, consumer finance and Renaissance Real Estate in Russia. Renaissance capital is involved in development of Tatu city in the outskirts of Nairobi.

Onexim Group and Renaissance Group announced last week that an agreement had been reached for Onexim Group to buy Renaissance Group's stakes in Renaissance Capital Investments, Renaissance Capital, and Renaissance Capital International Services for an undisclosed amount.

A statement posted on its website says once the transaction is complete, Onexim will become the indirect shareholder of 100 per cent of Renaissance Financial Holdings, Renaissance Capital, and indirect owner of 89 per cent of Renaissance Capital Investment Services.

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